The information that everyone has been awaiting was released by the CFPB on July 21, 2015. The TILA-RESPA Integrated Disclosure rule is officially going into effect on Saturday, October 3, 2015. This extension from the previous August 1, 2015 corrects the “administrative error that would have delayed the effective date of the rule by at least two weeks, until August 15.” The new effective date is intended to create a smoother transition of the rule for consumers and the industry. In addition, the weekend launch allows for more time to test systems and make sure everything is working correctly. The new rule change requires “easier-to-use disclosure forms that clearly lay out the terms of a mortgage for a home buyer.”
If you have further questions regarding the new RESPA-TILA integration or would like to know more about how Oak Tree can help your credit union, please email ClientServices@oaktreebiz.com.
CFPB website”CFPB Finalizes Two-Month Extension of Know Before You Owe Effective Date” consumerfinance.gov, July 21,2015.